VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2012) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to report that it has reached terms with San Gold Corp. (TSX:SGR) to sell its CUD 3 claim. The CUD 3 claim is located in the Rice Lake Gold Belt, 250 km northeast of Winnipeg, Manitoba, where San Gold is now producing gold at the Rice Lake mine in Bissett.
The terms of the agreement are that San Gold will acquire 100% of the CUD 3 claim in return for a payment of $225,000 to Harvest Gold, and that San Gold will pay the further sum of $225,000, if, and when, any gold is produced from the CUD 3 claim.
Rick Mark CEO states: "We are very pleased with the transaction as it completes our transition out of the Rice Lake Belt. We have basically recovered our exploration costs and have put the claim in the right hands. San Gold's team is motivated and very capable and we hope they will be successful in adding ounces to their Rice Lake package of properties. Harvest will now focus on acquiring gold projects in areas where larger prospective land packages, and/or more advanced projects can be acquired, explored and developed."
Harvest Gold Corporation is a mineral exploration company working in Nevada, USA, and in Ontario and Manitoba, Canada. In Nevada, the Company controls 100% interests in the advanced-stage Rosebud Gold Mine property and at Garcia Flats in the South Carlin Trend. In Manitoba, Harvest is engaged in early-stage exploration at its 100% owned Esker Gold claims in northwest Ontario and holds a 40% interest in the more advanced-stage, Assean Lake project in northern Manitoba.
On behalf of the Board of Directors,
Richard Mark, Chief Executive Officer
Harvest Gold Corporation
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.